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D. Land Acquisition Loans a. Summary of the Strategy: To assist very low or low income household's or non-profit sponsors, such as Habitat for Humanity, for the acquisition of vacant lands or vacant residential lots for the purpose of providing eligible housing units for eligible persons. b. Fiscal Years Covered: FY 2006-2007, FY 2007-2008, FY 2008-2009 c. Income Categories to be served: • Very Low -Income Persons (between 31-50% of median income) • Low -Income Persons (between 51-80% of median income) d. Maximum award: The maximum monetary award for a land acquisition loan shall not exceed $50,000.00 per lot within existing subdivisions, or $200,000.00 per acre for un -subdivided lands with a density of 6 units per acre or higher. e. Terms, Recapture, Default: Land acquisition loans to individual eligible recipients are deferred payment loans whereby repayment of the entire loan amount is required at the time the parcel/lot and it's corresponding eligible housing unit is sold or occupied by someone other than the original loan recipient. Recaptured funds will be deposited in the county's affordable housing trust fund. Eligible persons may repay the entire amount of the loan at any time. f. Recipient Selection Criteria: Applications will be reviewed based on a first come first reviewed basis, and applicants will be chosen per the following criteria • Income Eligibility • Employment Verification • Asset Verification • Homebuyer Status • Credit Verification g. Sponsor Selection Criteria: Loans to non-profit organizations will be awarded based on the following criteria: • Ability to proceed with construction • Ability to meet the deadline for expending the funds • Number of units to be built • Percentage of very low income households to be assisted • The length of time the organization has been in Indian River County • Experience in development of affordable housing 15